Sumitomo Mitsui Trust Group Inc. Invests $445,000 in The New York Times Company (NYSE:NYT)

Sumitomo Mitsui Trust Group Inc. purchased a new stake in shares of The New York Times Company (NYSE:NYT) during the 3rd quarter, Holdings Channel reports. The fund purchased 8,000 shares of the company’s stock, valued at approximately $445,000.

Other hedge funds have also added to or reduced their stakes in the company. Farallon Capital Management LLC raised its holdings in New York Times by 18.1% during the 1st quarter. Farallon Capital Management LLC now owns 11,188,059 shares of the company’s stock worth $483,548,000 after purchasing an additional 1,711,268 shares during the last quarter. Darsana Capital Partners LP grew its position in shares of New York Times by 25.0% during the 2nd quarter. Darsana Capital Partners LP now owns 6,250,000 shares of the company’s stock worth $320,062,000 after buying an additional 1,250,000 shares during the period. Renaissance Technologies LLC raised its stake in shares of New York Times by 19.8% during the second quarter. Renaissance Technologies LLC now owns 2,912,142 shares of the company’s stock worth $149,131,000 after buying an additional 482,200 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in New York Times by 22.1% in the second quarter. Dimensional Fund Advisors LP now owns 2,424,700 shares of the company’s stock valued at $124,164,000 after buying an additional 438,680 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in New York Times by 1.2% in the second quarter. Bank of New York Mellon Corp now owns 1,660,015 shares of the company’s stock valued at $85,009,000 after acquiring an additional 19,196 shares during the last quarter. Institutional investors own 95.37% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. increased their price target on New York Times from $58.00 to $62.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Barclays raised their target price on New York Times from $40.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday, August 8th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on New York Times from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $54.83.

New York Times Trading Down 0.7 %

Shares of New York Times stock opened at $52.13 on Wednesday. The stock’s fifty day simple moving average is $54.84 and its 200 day simple moving average is $52.86. The company has a market capitalization of $8.55 billion, a PE ratio of 30.85, a PEG ratio of 1.66 and a beta of 1.02. The New York Times Company has a 12 month low of $41.55 and a 12 month high of $57.08.

New York Times (NYSE:NYT) last released its quarterly earnings results on Monday, November 4th. The company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.04. New York Times had a return on equity of 17.75% and a net margin of 11.04%. The company had revenue of $640.20 million for the quarter, compared to analyst estimates of $641.00 million. During the same quarter last year, the firm posted $0.37 earnings per share. New York Times’s revenue was up 7.0% compared to the same quarter last year. Analysts predict that The New York Times Company will post 1.84 EPS for the current fiscal year.

New York Times Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 24th. Shareholders of record on Wednesday, October 9th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date of this dividend was Wednesday, October 9th. New York Times’s payout ratio is currently 30.77%.

About New York Times

The New York Times Company, together with its subsidiaries, creates, collects, and distributes news and information worldwide. The company operates through two segments, The New York Times Group and The Athletic. It offers The New York Times (The Times) through company’s mobile application, website, printed newspaper, and associated content, such as podcast.